June 10, 2022
Digital E-Money in the Philippines Gets a Boost with Cebuana Lhuillier and Element Partnership
Cebuana Lhuillier and Element will increase financial inclusion across the country through AI technologies supporting KYC, digital onboarding, and fraud risk assessment services.
PHILIPPINES, June 2022 – Element Inc., the privacy-led, modern AI pioneer in digital identity services, announced its partnership with Cebuana Lhuillier, the Philippines largest micro financial services provider with 30 million customers and over 3,000 branches, to provide electronic Know-Your-Customer (eKYC) services to all Filipinos, enabling online registration for digital financial products.
With its initiatives in the E-Money ecosystem, Cebuana Lhuillier has made leaps and bounds towards the improvement of financial inclusion in the Philippines. “We are steadfast in our commitment to provide the right financial services to the local communities. As we are starting to bring our services into the digital space, this partnership can significantly cater to a larger audience that could benefit from our innovative offerings,” Cebuana Lhuillier President and CEO Jean Henri Lhuillier said.
“Our partnership with Cebuana Lhuillier is an important opportunity to deliver large scale adoption of financial services in the Philippines, to create greater access to commerce, and greater control for customers over their financial lifestyles,” said Adam Perold, President & CEO of Element Inc. “We founded Element as one of the first modern AI companies, to connect populations to essential services, to help build more efficient and inclusive societies. At this time of fintech innovation and growth in the digital ecosystem of the Philippines, Cebuana Lhuillier is a tremendous partner for executing on this vision together.
The partnership of Cebuana Lhuillier and Element will include Cebuana Lhuillier’s Cebuana Xpress- a digital pawning and remittance service mobile application, providing access to digital financial products to grassroots communities. Element’s advanced technologies including eKYC, digital onboarding, and fraud risk assessment, enabling a fully digital and mobile-first experience that cuts the processing time to minutes from the prior cycle of three to five days of manual validation and verification.
Also featured in:
Manila Standard, The Philippine Business and News, Manila Times, Business Mirror, Bankero, Manila Bulletin, Backend News, Manila Business Insight